The times have changed, Bitcoin is no longer a “fraud” for JPMorgan bank but a new source of income that will have to be exploited with its wealthy clients.
Thus, sources told Coindesk than the bank could launch a Bitcoin fund accessible to its customers this summer.
The custodian of the BTC funds will be the NYDIG institutional platform.
Many people remember the words of his CEO Jamie Dimon who effectively branded BTC a fraud a few years ago, even threatening to fire any employee who bought Bitcoin.
The decision to launch a Bitcoin fund is therefore a surprising surprise which illustrates the position of banks, previously resistant to Bitcoin, who are giving in to the pressure of demand from their customers.
JPMorgan is no exception and must therefore offer investment products focused on Bitcoin, it had already announced the launch of a “crypto-currency exhibition basket”.
The basket will follow 11 benchmark stocks comprising of class A or common stocks of companies such as MicroStrategy, Square, PayPal, Silvergate, Riot Blockchain, CME Group.
The American banking giant has not confirmed these revelations regarding this Bitcoin fund and has not responded to Coindesk’s requests.
Inevitably, this JPMorgan Bitcoin fund is sure to see the light of day in the coming months as institutional investors continue to buy Bitcoin.
Same on PayPal, its CEO confirmed strong demand for BTC and other cryptocurrencies offered on its platform in the United States.
The JPMorgan bank has also looked at the BTC price, it predicts a price of Bitcoin at $ 130,000 and also recommends that investors allocate 1% of their portfolios to Bitcoin!
A Bitcoin price that rebounded on Monday after dropping below $ 47,000, a BTC price currently around $ 53,445 / € 44,215 on Binance.